Business, general

Disney ordered to pay damages in secrets case

Article Abstract:

Walt Disney Co. was ordered to pay $20 million in damages by a federal court in St. Paul, Minnesota to Children's Broadcasting Corp. in a legal row over trade secrets. ABC Inc., a unit of Disney, called for a mistrial as it claimed that the verdict was inconsistent on a major issue. Under the terms of a 1995 agreement, Disney was supposed to bring about national ad sales, seek out new affiliates, and aid in research and marketing for Children's Broadcasting's AAHS World Radio network. However, Disney withdrew from the deal in mid-1996.

Comment:

Walt Disney Co. ordered to pay $20 million in damages by fed court to Children's Broadcasting over trade secret dispute

Thomas O. Staggs was appointed as Walt Disney Co.'s new chief financial officer and executive vice-president. Mr. Staggs will be replacing Richard Nanula, who was appointed as Starwood Hotels & Resorts Worldwide Inc.'s president and CEO. Mr. Staggs had been Disney's senior vice-president of strategic planning. He joined the company in 1990. Mr. Staggs has aided in the development of Disney's strategy on a wide range of issues.